Ken's Blog

2011 Incline Village/Crystal Bay Market Report

Single family home sales are down approximately 16.5% from 2010 to 2011 with only 96 sales reported by the MLS in 2011.

Condominium sales are down approximately 6.25% from 2010 to 2011 with only 135 sales reported by the MLS in 2011.

2011 was mirroring 2010 sales through the first three quarters with a sharp drop off in sales in the last quarter leaving 2011 behind 2010 figures.   Since most of our buyers are discretionary buyers, the grid-lock in Washington in the last quarter delayed many purchasing decisions by buyers.   This may continue to be a significant factor in 2012 sales. 

The median sold price for single family homes dropped approximately 8.1% from 2010 to 2011 with the MLS reporting a median sold price of $771,500 in 2011.

The median sold price for condominiums dropped approximately 3.5% from 2010 to 2011 with the MLS reporting a median sold price of $357,000 in 2011.  Condominium sales include condominiums and town homes.

The decrease in median sold prices in 2011 over 2010 is largely a reflection of the significant number of short and bank owned sales in the Incline Village/Crystal Bay market.

Short and bank owned sales accounted for 1 in 4 home and condominium sales in 2011 as was the case in 2010.  Incline village MLS reports a total of 231 home and condominium sales in 2011 of which 58 were distressed property sales.  This significant trend should continue through 2012.  Of the 58 distressed sales in 2011, 27 were homes with a median sale price of $700,000 and 31 were condominiums and town homes with a median sale price of $269,900 as reported by the Incline Village MLS.

Luxury condominium and town homes sales above $1,000,000 in the Incline Village/Crystal Bay market dropped off significantly in 2011 while average and median sold prices were up slightly over 2010 figures.  The Incline Village MLS reports 13 luxury condominium sales in 2010 and just 4 in 2011.  The median sales price in 2010 was $1,200,000 and $1,400,000 in 2011. 

Luxury home sales above $2,000,000 in the Incline Village/Crystal Bay market dropped off only slightly in 2011 while average and median sold prices dropped off significantly from 2010 figures.  The Incline Village MLS reports 20 luxury home sales in 2010 and 17 in 2011.  The median sales price in 2010 was $3,225,000 and $2,700,000 in 2011.  There were more waterfront home sales in 2010.